RESOLUTION NO. _____________

BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA

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RESOLUTION AUTHORIZING: (1) EXECUTION OF AN AGREEMENT WITH PENINSULA CONFLICT RESOLUTION CENTER (PCRC), AND (2) TERMINATION OF THE UNSECURED LOAN AGREEMENT AND CANCELLATION OF THE PROMISSORY NOTE

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RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that

WHEREAS, on May 1, 2001, the Board of Supervisors adopted Resolution No. 054412, authorizing the execution of an agreement by which the County assisted in the financing of PCRC's purchase of the real property commonly known as 1300 El Camino Real, Belmont, whereby the County loaned $477,125 to PCRC under the County's Non-Profit Agency Office Purchase Loan Program for the acquisition and renovation of the Property, and the loan was secured by a second deed of trust on the Property, and;

WHEREAS, after the senior lender in the acquisition of the Property foreclosed, and the County's lien was extinguished by the foreclosure, the Board of Supervisors adopted Resolution No. 066684 on June 8, 2004, by which the County and PCRC agreed to restructure PCRC’s obligation to the County as an unsecured loan, and PCRC executed an adjustable rate promissory note in favor of the County, which provided for payments of Nine Hundred dollars ($900) per month from 2006 through June 2009, with payments to increase to Two Thousand Forty-Six dollars ($2,046) per month from July 2009 until the loan is paid off in 2021, and;

WHEREAS, the parties now wish to terminate the Unsecured Loan Agreement in consideration of PCRC’s agreement to provide an array of special services at no cost to the County through 2021, and;

WHEREAS, the Board has been presented with a form of the Agreement and has examined and approved it as to both form and content and desires to enter into it.

NOW, THEREFORE, IT IS HEREBY DETERMINED AND ORDERED that the President of the Board of Supervisors be, and is hereby authorized and directed to execute said Agreement for and on behalf of the County of San Mateo, and the Clerk of this Board shall attest the President’s signature thereto.

IT IS FURTHER DETEMINED AND ORDERED that this Board of Supervisors authorizes the termination of the Unsecured Loan Agreement authorized by the adoption of Resolution No. 066684, as well as the cancellation of the promissory note that accompanied said Unsecured Loan Agreement.

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